2025年12月并非“日元携带交易引爆全球”的起点，而是“美国货币政策从紧缩到过度宽松”转折的起点，真正的风险在2026~2027年。

The CFTC launched a pilot program allowing Bitcoin, Ethereum, and USDC to be used as margin collateral in U. S. derivatives markets. source: https://www.cryptopolitan.com/cftc-approves-tokenized-collateral/

According to ChainCatcher, the U.S. Commodity Futures Trading Commission (CFTC) Acting Chair Caroline Pham has announced the launch of a 'Digital Asset Pilot Program.' This initiative will allow specific cryptocurrencies to be used as collateral in the derivatives market. Initially, the pilot program will be limited to Bitcoin, Ethereum, and the stablecoin USDC. Pham emphasized that embracing responsible innovation ensures that U.S. markets remain global leaders and helps unlock economic growth in the country. Futures commission merchants participating in the crypto collateral project are required to report the total amount of digital assets held in customer accounts weekly. This includes futures and cleared swaps, as well as any significant operational or system issues affecting digital asset collateral.

Elon Musk responded to the European Commission fining his social media platform, X, £120 million ($140 million) for violating its Digital Services Act (DSA). The regulator found X to be in violation of the EU’s digital regulations after a two-year investigation. US officials, including Secretary of State Marco Rubio and Vice President JD Vance, were […] source: https://www.cryptopolitan.com/musk-takes-on-eu-u-s-big-tech-sweep/

MANTRA has issued a warning to its community following a dispute with OKX over the exchange’s announcement of OM migration dates, which the project alleges violate official governance rules. The conflict intensified when OKX announced on December 5 that it would terminate its service and migrate to a new platform by the end of December. […] source: https://www.cryptopolitan.com/mantra-ceo-sounds-alarm-as-om-migration/

CFTC allows BTC, ETH, and USDC as collateral in derivatives markets through a new pilot program. source: https://coincu.com/news/cftc-pilot-digital-assets-collateral/

According to Odaily, Ripple's Global Head of Cooperation, Luke Judges, has emphasized the need for XRP Ledger (XRPL) to adopt strategies from Solana to maintain its competitive edge in the evolving Layer 1 landscape. Judges highlighted that Solana's appeal lies in its practical engineering and rapid implementation rather than its protocol design. Having operated validator nodes within the Solana ecosystem worth over $30 million, Judges believes that the success of Layer 1 networks is driven by pragmatism and speed rather than theoretical technical superiority. He noted that while XRPL has made progress in advancing smart contracts and enhancing programmability, these technical iterations must be accompanied by a clear go-to-market strategy to truly convert into competitive advantages. Ripple's Chief Technology Officer, David Schwartz, offered a contrasting perspective, asserting that XRPL's core strengths are reliability, stability, and institutional-grade performance, which surpass chains that prioritize high throughput at the expense of stability. Schwartz argued that XRPL's consistency and high availability are more suitable for real-world financial applications than merely chasing speed. Judges also stressed the importance of developer tools, documentation, and onboarding processes, pointing out that validator incentives and decentralization risks are crucial for the sustained development of Layer 1 networks. He noted that the current decline in the number of Solana validators serves as a cautionary tale for XRPL. Overall, Judges believes that XRPL's future strategy should focus on enhancing developer experience, accelerating technology implementation, and borrowing execution efficiency from competing chains while maintaining reliability. He emphasized that this approach is not a critique of XRPL but a necessary adjustment to address future competitive cycles.

Experts are divided on the viability of Ethereum gas futures market source: https://ambcrypto.com/why-vitaliks-gas-futures-market-idea-has-split-experts/

The US Commodity Futures Trading Commission (CFTC) launched a digital assets pilot program on December 8, permitting bitcoin, ether, and USDC as margin collateral in derivatives markets—a move industry leaders are calling a watershed moment for crypto adoption. Acting Chairman Caroline D. Pham announced the initiative alongside new guidance on tokenized collateral and the withdrawal of Staff Advisory 20-34, a 2020 directive that had restricted the use of virtual currency in segregated accounts. Pilot Program Sets Three-Month Trial With Strict Reporting and Risk Standards The announcement follows the passage of the GENIUS Act, which establishes a federal framework for payment stablecoins source: https://beincrypto.com/cftc-bitcoin-ether-derivatives-collateral/

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无疑，我们走到了加密行业的至暗时刻，也许有一部分人不以为然，因为他们对赌场化的现状和个体利己主义的沉迷已经盖过行业成长本身。

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选择祭出 14 亿美元的储备金或许是基于坚持不抛售比特币策略的退让，但在面对现实之际，Strategy 也同步下修全年财测与关键绩效指标。

比特币持有者想要使用他们的比特币，但基础设施从未提供过安全且原生的方式来实现这一点。

预测,加密市场,做空预测市场 金色财经,超级投机周期的均值回归。

如果采用更严苛的、完全惩罚性的 $BTC 处理方式，其资本缺口则可能在 125 亿至 250 亿美元之间。

正如代币化代表了市场中的一种演变，委员会将审议的建议主题也同样如此。人工智能的出现有望彻底改变工作流程和商业模式。

今日晚间推荐阅读：1.摩尔线程的崛起 藏着中国芯片突围的密码；2.先锋集团、美国银行和嘉信理财进军加密领域意味着什么；3.2026年加密趋势展望；